Market updates

Bitget Hot Takes (May 15 - May 21)

Beginner

2023-05-22 | 5m

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts.

The latest Bitget Hot Takes can be found here.

Central Themes

• BGB in another narrow range.

• Less than 10 days to raise the U.S. debt ceiling, FOMC Meeting Minutes for May to be released on Wednesday, U.S. PCE data on Friday.

• The Hinman documents should be released by June 13; Ripple launches the Ripple CBDC Platform.

• Axie Infinity: Origins available on Apple's App Store.

BGB In Another Narrow Range

BGB continued to outperform major cryptocurrencies for the fourth consecutive week, this time ending the week with a 3.3% gain compared to BTC’s 1.1% and ETH’s 1.2%. Meanwhile, BNB experienced a minor decrease of 0.2%.

Bitget Hot Takes (May 15 - May 21) image 0

About two weeks ago we talked about how BGB had been in a tight trading range, then it soared US$0.506853 on May 11, 2023. Once again we’re seeing BGB’s weekly low up by nearly 20% and volume slowing down - signs that you should prepare for another breakout.

There has been a series of events taking place after the release of the BGB White Paper, including the BGB Lotto, BGB Staking, 40% APY BGB pool on Bitget Launchpool, and the BGB exclusive trading and referral promotion. BGB holders will soon be able to receive new tokens for FREE - the event is set to begin on May 23, 2023 and share 80,000 BGB in our BGB Super Airdrop Campaign!

Check out our BGB Sail Series to fact-check the glorious rise of this still-low-cap gem:

BGB Sail: April Edition

BGB Sail: March Edition

BGB Sail: February Edition

BGB Sail: December Edition

BGB Sail: November Edition

BGB Sail: October Edition

BGB Sail: September Edition

BGB Sail: August Edition

BGB Sail: July Edition

BGB Sail: June Edition

BGB Sail: May Edition

… and explore the popularity and recognition BGB has earned here: Why BGB Is Your Bluechip Exchange Token

U.S. Debt Ceiling Lift Talks: The Clock Is Ticking

The ‘hard deadline' affirmed more than once by the Treasury Secretary, June 01, is also considered to be the earliest deadline for a bipartisan agreement on raising the U.S. debt ceiling. Yields on the short-term T-bills keep increasing, which is a reflection of low confidence in these government-issued bonds. In other words, the probability that the U.S. will default on its debt obligations has never been higher; that for sure has motivated the President and the Speaker of the House to resume their discussions on the matter later on today, after Biden is back from the G7 Hiroshima Summit.

Ripple has had a winning week. The firm explicitly defines themselves as a crypto solution provider for enterprises and institutions, meaning their products are built to meet the demand of big players as well as nations. On May 18, Ripple announced the launch of their new Ripple CBDC Platform, a ‘solution’ produced exclusively for instant settlements and payments using central bank digital currencies (CBDCs). Together with this launch, Ripple is also selected by Hong Kong authorities to support the settlement of the e-HKD in their pilot program. Regarding their battle with the SEC, the SEC's request to keep the Hinman documents sealed was denied by a Federal Judge. This could be considered a win for Ripple, as this document contains statements by the former SEC Director William Hinman about the nature of Bitcoin and Ether (‘not securities'), whereas the SEC filed lawsuit against Ripple in 2020 for the ‘unregistered security offering' of XRP.

On the side note, the SEC seems to be targeting another cryptocurrency, this time Filecoin. Grayscale Investments says that in the review they received for their Grayscale Filecoin Trust registration, SEC staff concludes that ‘the Trust's underlying asset, FIL, meets the definition of a security under the federal securities laws’.

The Latest Bitget News

With the number of addresses holding more than 1 Bitcoin hitting one million, we have a good new reason to hold a great celebration for Bitcoin Pizza Day! Exactly 13 years ago - on May 22, 2010 - a hungry Florida man bought two pizzas with 10,000 Bitcoin, thereby conducting the first real-world Bitcoin transaction ever. Bitget, the diehard Satoshi fan, of course cannot miss this milestone: we are celebrating BIG with our two-week long event! A total of 105,000 BGB, 110,000 USDT and the opportunity to buy Bitcoin at 50% are available for everyone! Check out these highlighted events immediately:

Pizza Day Treat! Join and Claim Up to 1,000 USDT Airdrop Package!

Join Bitget to Claim Your $PIZA Airdrop Now

Bitget to list PIZA (PIZA) in the BRC-20 Zone — trade to grab a share of 50,000 PIZA!

Bitget Pizza Day — HODL BTC/USDT/ETH/USDC/BGB, earn up to 15% APR!

Join the Pizza Day copy trading promotion to grab a share of the 100,000 USDT prize pool and win the chance to buy BTC at 50% off!

Join the Bitget Pizza Day celebration to win rewards!

Join the Pizza Day trading competition and make futures trades to grab a share of 30,000 BGB!

VIP Mystery Boxes for BTC Pizza Day - grab a share of 100,000 USDT!

Bitget Academy was established with the mission of bringing expert knowledge to the masses. In Q1 2023 only, we have released over 200 educational articles in 20 different languages, covering everything from in-depth guides and practical tips to market updates. In order to further assist beginners on their crypto journey, we have created the Blockchain Fundamentals Course with three digestible modules - you will receive a certificate after passing each module! Get your certificates today: Bitget Academy Blockchain Fundamentals Course